It’s a brand new year and that means it’s time to start your year off right. There are a ton of money tips out there, but here are seven that will help you get off on the right foot this January.
Don’t Get a Gym Membership
One of the priciest things people do in January is get a bunch of memberships. We want to change everything about our lives from getting fit to changing our unsophisticated tastes. One of the best money tips you can implement right off the bat is to ditch that gym membership you’re considering getting. You’ll use it twice than pay for it for the next three years, don’t do it.
Check Your Credit Score
Your credit score does matter, and it really helps if you know it. If you want to start your year off right, one of my top money tips is to check in on your credit score and see where it’s at. If it’s not where you want it to be, make a plan to get it to where you want it to be.
Do an Inventory
What assets and debts do you have? In an ideal world, you would already know these. But most people don’t love to look into the details, so you might not. If that’s the case, take a few minutes right at the beginning of January and inventory what assets and debts you have. You can grow your assets and reduce your debt much more effectively if you know what’s there.
Start Your Emergency Savings
If you don’t have emergency savings set up, now is the time to start. One of my favorite money tips is to get started building your emergency savings, in case something happens you have a buffer to help you get through.
Sell What You Don’t Need
Clean your house! Seriously, if you want to make a little extra cash, I highly recommend taking the time to clean your house and sell the things you don’t need. Last year I made over $1,000 by selling old stuff that I had replaced or wanted to.
Set Up Automatic Payments
Automatic payments can save you from having to manually pay your bills. You connect a credit card and not have to worry about actively logging in and paying your bills. That’s not to say you shouldn’t know when you have to pay your bills, but only that you shouldn’t have to do it manually every time.
Set Some Goals
One of my favorite money tips for a new year is to set some money goals. Most people float into a new year and march forward with the status quo without setting out any new goals. If you’ve never set any money goals, start with something small and work your way up. Setting goals means you can spend the year achieving them.
What are your favorite January money tips? Share it in the comments below!
Looking for More Money Tips?
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!